Return to question Item 43 Item 43 2 points Luker Corporation uses a process costing system. The company had $178,500 of beginning Finished Goods Inventory on October 1. It transferred in $855,000. of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $176,200. The entry to account for the cost of goods sold in October is:

Multiple Choice

Debit Finished Goods Inventory $855,000; credit Work in Process Inventory $855,000.

Debit Cost of Goods Sold $855,000; credit Finished Goods Inventory $855,000.

Debit Cost of Goods Sold $857,300; credit Finished Goods Inventory $857,300.

Debit Finished Goods Inventory $176,200; credit Cost of Goods Sold $176,200.

Debit Cost of Goods Sold $857,300; credit Work in Process Inventory $857,300.